Gold & the New Monetary Order

Central bank gold purchases reached record levels in 2025, driven by a structural shift in reserve management strategy across emerging market economies. China, India, Poland, and Turkey have led accumulation, with net purchases exceeding 1,100 tonnes.

This report examines the macroeconomic forces reshaping gold's role in the global monetary system: de-dollarisation, sanctions risk, inflation hedging, and the emergence of gold-backed trade settlement mechanisms.

For resource companies, investors, and advisers, the implications are significant. We assess the outlook for gold prices above US$2,500, the impact on junior explorer valuations, and the M&A dynamics emerging from renewed institutional interest in the sector.